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General Theoretical Marketing Techniques
For a marketing plan to be successful, the mix of Product, Price, Promotion, and Placement must reflect the wants and desires of the consumers in the target market. Trying to convince a market segment to buy something they don’t want is extremely expensive and seldom successful. Marketers depend on marketing research, both formal and informal, to determine what consumers want and what they are willing to pay for. Marketers hope that this process will give them a sustainable competitive advantage. Marketing management is the practical application of this process.
Most companies today have a customer orientation (also called customer focus). This implies that the company focuses its activities and products on customer needs. Generally there are two ways of doing this: the customer-driven approach and the product innovation approach.
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Management of Marketing Performance For Maximum Profit
Management of marketing performance is a complex topic. Marketing is the business function responsible for getting, keeping and growing customers. This involves making decisions about marketing strategy and developing the appropriate marketing mix. It involves management of product categories and market segments, distribution methods and selling processes. Management of marketing performance is critical to your success in business and maximizing sales revenues and profits.
Despite the importance of effective management of marketing performance, the accountability of the marketing departments and marketing efforts in many businesses is minimal. Many businesses waste a lot of money on marketing. Management of marketing performance is difficult because companies usually don’t track marketing results adequately and therefore are unable to develop relevant marketing measures or “metrics.”